first quarter report 2009

Transcription

1 200

2 Net profit totalled 41.6 MM euros, up 33.8% on the previous year Sales totalled MM euros, up 16.8% on the previous year EBITDA increased 21.6% to 72.3 MM euros first quarter results 200 For the second consecutive quarter, Grifols has achieved record turnover, with revenues in the first quarter of MM euros, 16.8% higher than in the same period of This follows final quarter 2008 revenues of MM euros. Revenues in all divisions have risen. The main growth drivers were higher sales volumes of plasma derivatives such as albumin and factor VIII and the Diagnostic division. Prices have remained stable, in line with the company s forecasts. By geographical area, Latin America (up 25.2%), the United States (up 27.5%) and Asia (up 7,0%) were the most active in terms of sales, with the result that Grifols revenue from international markets in 1Q0 accounted for 73.7% of total turnover. In spite of the current economic climate, international sales grew by 23.1% compared with the first quarter of 2008, reaching MM euros. EBITDA margin of 30.7% compared with 2.5% for 2008 SUMMARY OF SALES BY REGION In thousands of Euros 1st q 200 % on Sales 1st q 2008 % on Sales % var. European Union 110, , % US 83, , % R.O.W. 41, , % TOTAL 235, , % 2

3 Sales growth in markets such as Latin America and Asia has been possible thanks to increased production, enabling Grifols to meet rising demand for plasma derivatives. It also reflects the company s commitment to continued geographical diversification, having established a presence in the United States, a market in which it earned revenues of 83.5 MM euros in the first quarter of the year. International expansion will be one of the keys to the company s growth over the next few years. It has therefore sought to obtain marketing licences for plasma derivatives in new countries, such as the Australian licence obtained in October 2008 for IVIG. The company s know-how, the reliability and safety of its products and services were fundamental to obtaining two contracts to supply IVIG in Brazil from April 200. In addition to its strong sales performance, Grifols has maintained its policy of cost containment and control in the first quarter of 200, enabling its EBITDA margin to increase to 30.7% compared with 2.5% for the same period of Gross operating profit was 72.3 MM euros, an increase of 21.6% compared with the first quarter of Net profit in the first quarter of 200 grew 33.8% on the previous year to 41.6 MM euros. Grifols net debt stood at MM euros at March 200, or 2 times EBITDA, the same ratio as a year earlier, ensuring the company has a sound balance sheet. In Millions of Euros 1st q 200 1st q 2008 % var. EBITDA % % on sales Net profit % % on sales

4 Significant increases in all divisions Bioscience remains the largest division, posting revenue of MM euros, compared with MM in the first quarter of 2008, a year-on-year increase of 15.0%. Grifols achieved record volumes of fractionated plasma in the quarter, which was possible thanks to the strong performance of the company s 80 plasmapheresis centres in the United States. Nevertheless, although the company has increased its raw material collection capacity, it maintains a policy of limiting the volumes of plasma collected in line with sales forecasts and market demand, resulting in the optimisation of costs and inventory. It should also be noted that, from the first quarter of 200, sales of albumin for non-therapeutic uses and intermediate products, which were previously recorded under the Raw Materials division are now accounted for as part of the Bioscience division s sales. As a result of this accounting change, the Bioscience division s sales for the first quarter of 2008 need to be adjusted by 3.2 MM euros for comparability with the 200 figure. The Diagnostic division s sales totalled 25.8 MM euros, up 27.2% on the previous year. There was growth in all of the division s business lines, most notably in sales of reagents (DGGel cards) in areas such as China and Mexico. Furthermore, Grifols acquisition of 4% of the Australian-Swiss group Lateral Diagnostic/Medion has enabled it to consolidate as group income 1.2 MM euros of revenues. Even excluding the contribution of the acquired group, the division s sales grew by 21.3%. The Hospital division s turnover rose 4.1% year-on-year to 21. MM euros. Third-party manufacturing and medical materials were among the most significant areas for revenues. Turnover at the Raw Materials & Others business increased to 12.6 MM euros, in line with the company s plans. This division includes sales of intermediate products and raw material (plasma) to third parties and other services. SUMMARY OF SALES BY DIVISION In thousands of Euros 1st q 200 % on Sales 1st q 2008 % on Sales % var. Bioscience 175, , % Hospital 21, , % Diagnostic 25, , % Raw Materials+Others 12, , % TOTAL 235, , % 4

5 MAIN EVENTS in the quarter In the first quarter of 200 Grifols has continued to build on all its business areas while prioritising the ongoing training of its staff: Acquisition of the Australian-Swiss group Lateral Diagnostic/Medion Grifols acquired 4% of the Australian-Swiss holding company for 25 MM euros, and controls 100% of the voting rights. This investment brings major synergies for Grifols: it enables it to confirm and expand its commercial presence in the Diagnostics market in Australia and New Zealand (Diagnostic division) with its own sales force and it will contribute to strengthening its range of blood typing and pretransfusion diagnosis products thanks to new technology for determining blood groups developed by Medion, part of the Australian-Swiss Group, which complements the technology used by Grifols. This acquisition will also streamline the marketing of its latest generation IVIG (Flebogamma DIF) in Australia (Bioscience division). Award of 2 contracts to supply IVIG in Brazil for 41 MM euros. The contracts, signed with the Brazilian Ministry of Health and with health authorities in the Sao Paulo region, are to supply Flebogamma. These represent an important step forward in implementing Grifols strategy of geographical expansion, its goal being to maintain a geographical balance, increase market penetration and open up new markets. Opening of Grifols Academy of Plasmapheresis in the United States Located in Arizona, this initiative reflects the company s firm commitment to employee training and the standardisation of in-house knowledge, in line with the degree of specialisation required in the plasma derivative industry. The Academy, which occupies a space of 2,500m2, will offer advanced training in all the processes relating to the collection, analysis and control of plasma as well as plasma derivative production processes. This training will be complemented with focused courses and seminars on issues including bioethics, economics and quality, contributing to the sharing of know-how across the company. The Ambassador of Spain in the United States Jorge Dezcallar de Mazarredo and Health Ministry representatives at the opening ceremony of the Academy of Plasmapheresis. AC ADEMY OF GRIFOLS PL ASMAPHERESIS 5

6 Investment plans (CAPEX) progresses The group has continued its investment plans for the first quarter of 200, with excellent progress being made on the construction of its new production plant for Flebogamma DIF (IVIG) in the United States and on its Fibrin Glue production plant in Barcelona (Spain), among others. Grifols daily share price vs IBEX 35 (Base 100, from April to March ) grifols ibex May Jun Jul Ago Sep Oct Nov Dic 200 Feb Mar Construction of the new IGIV plant in Los Angeles. 6